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Big Telstra Share Sale Hits Hurdle

Telecom Wants Australia
To Sell Stake as Impasse
Over Broadband Looms

By

Lyndal McFarland

Updated July 5, 2006 12:01 a.m. ET

SYDNEY -- Telstra Corp. wants Australia's government to go ahead with the 24 billion Australian dollar (US$17.82 billion) sale of its remaining stake in the telecommunications company this year, with an offering to retail investors the preferred option, an executive said.

On Monday, a government official said Australia may scrap plans to sell the bulk of its Telstra stake to the public, putting a cloud over what was to be one of the world's largest share offerings. The office of Finance Minister Nick Minchin confirmed...